no accounts, the only time an account would be affected is when you withdraw or deposit money into/from it, cash is nearly untraceable and does not affect your bank accounts
debit cash; credit merchandise inventory
when a buyer returns merchandise purchased for cash, the buyer may record the transaction using the following entry
me
Debit accounts receivable / cash / bankCredit sales revenue
When you pay on account, the entry is Cash - Debit Accounts Payable - Credit
debit cash; credit merchandise inventory
when a buyer returns merchandise purchased for cash, the buyer may record the transaction using the following entry
If you get 20,000.00 cas for inventory and get 20,000.00 in inventory what T accounts are affected
[debit] Merchandise account 12000 [Debit] Freight in 485 [Credit Accounts payable / cash 12485
me
debit purchasescredit accounts payabledebit accounts payablecredit cash / bank
Debit accounts receivable / cash / bankCredit sales revenue
When you pay on account, the entry is Cash - Debit Accounts Payable - Credit
cash and accounts payable
The Buyer would likely perform the following transaction: DR- Account Receivable CR - Merchandise Inventory The Buyer would probably debit CASH if they receive CASH from the Seller instead of having to WAIT on it. The Merchandise Seller would perform the following transaction: DR - Merchandise Inventory CR - Accounts Payable, OR CASH
find out the accounts involed in eash of the following cases Q:- machinery purchased for cash. Q:- furniture is purchased on cresit
You could sell merchandise and make a profit. If the customer has not paid you yet, you have not increased cash. You have increased accounts receivable.